TIDMCAS
RNS Number : 4665N
Crusader Resources
09 May 2018
9 May 2018
Crusader Resources Limited
("Company" or "Crusader")
Borborema Gold Project BFS - Commencement of Metallurgical
Testing
Crusader Resources Limited (ASX:CAS, AIM:CAS) ("Company" or
"Crusader") is pleased to provide the following update on
metallurgical and comminution test work on the Company's Borborema
Gold Project.
Highlights
-- Recommissioned test work on the Borborema Gold Project has
commenced to confirm the processing flowsheet and finalise further
processing cost saving opportunities
-- Initial composite formation, head assays and investigation
into distribution of mica in the Borborema ore body is underway
with 40 samples now completed providing comprehensive and reliable
representation of the ore body and in line with expectations
-- Comminution test work and circuit design is complete with the
current program focused on finalising the process flowsheet,
tailings treatment specifications and confirming the treatment of
the micaceous material present in the ore body. Removal of mica
from the process is expected to deliver additional operational cost
benefits relating to electricity usage and grinding media
-- As part of the Bankable Feasibility Study ("BFS") work stream
optimisation, further test work on the dry stacking of tailings is
underway and includes preliminary work on the filtration
solution
As previously announced, and as part of the BFS, the Company is
undertaking an ongoing technical and financial optimisation of the
Borborema Gold Project. As part of this optimisation work, the
Company has reviewed and recommissioned test work to support the
processing flowsheet and finalise additional processing cost saving
opportunities.
The test work program is focused on a detailed metallurgical
sampling program comprising eight large diameter PQ diamond holes
for 1,200m (6 tonnes) which have been forwarded to the ALS
Laboratories in Perth. All core received had been confirmed as
being intact and available for immediate test work. Finalisation of
the metallurgical test work is a critical path item for the
completion of the BFS for the Borborema Gold Project.
The drill core utilised for the test work reflected the
following assays:
-- 16m @5.17 g/t Au (downhole width- true width 6.72m) from 158m in MET-12-3G
-- 22m @3.82 g/t Au (downhole width- true width 12.54m) from 57m in MET-12-4F
-- 7m @6.84 g/t Au (downhole width- true width 3.99m) from 171m in MET-12-5F
-- 37m @2.09 g/t Au (downhole width- true width 24.42m) from 52m in MET-12-2F
A full table of the results was included in the Company's ASX
announcement of 28 January 2015.
Initial composite formation, head assays and investigation into
the distribution of mica in the Borborema ore body have now been
completed with 40 composites samples ranging in Au grade from 0.17
g/t - 7.95 g/t in line with expectations and providing a
comprehensive and reliable representation of the Borborema ore
body.
Comminution test work focused on establishing the physical
properties of the ore in relation to mining & crushing (CWi,
UCS), abrasivity (Ai), milling (RWi and BWi) and comminution
circuit design (JK DWT and SMC tests) is complete, with the current
program focused on finalising the process flowsheet, tailings
treatment specifications and confirming the treatment of the
micaceous material present in the Borborema ore body.
Crusader has recognised that there is a significant saving in
mill capital and power cost if mica can be removed from the ore at
an earlier stage in the process flowsheet with the current test
work designed to confirm these assumptions and to then be included
in the feasibility study.
In parallel, test work on dry stacking of tailings at Borborema
will be completed. Dry stacking of tailings delivers significant
recycling of mine site water as well as removing the need for the
construction of a tailings dam saving significant initial and
sustaining capital.
Preliminary work on filtration of tailings has been completed
with various manufacturers and prices estimated. A filter cake of
tailings from Borborema ore achieved 18% moisture and confirmed
that low moisture content in the filter cake is possible. The
current program has been designed to finalise the filtration
specifications needed to complete the costing of the dry stacked
tailings facility at Borborema.
The Company looks forward to providing additional updates as
results become available.
Borborema Gold Project
Crusader's key asset is the Borborema Gold Project in the Seridó
area of the Borborema province in north-eastern Brazil. It is 100%
owned by Crusader and consists of three mining leases covering a
total area of 29km(2) including freehold title over the main
prospect area. Previously mined as a heap leach in the 1980's,
Crusader has completed more than 95,000m of drilling on an orebody
which is tabular and mineable as an open pit. Free milling ore with
expected gold recoveries of 93%, the project is favoured by its
location which has a dry climate and excellent infrastructure
(roads, power, water and nearby sophisticated population centres).
The Company benefits from a favourable taxation regime, significant
existing infrastructure and on-site facilities and the critically
important Environmental Licence (LP) which Crusader received in
2017 (refer ASX release of 28 April 2017).
Mr. Paul Stephen Investor Relations
Executive Director Office (Aus): +61 8 9320
7500
Office (Aus): +61 8 9320 7500 Email: admin@crusaderresources.com
Email: paul@crusaderresources.com
Smith & Williamson Corporate Camarco
Finance Limited
Nominated Adviser Financial PR
Azhic Basirov/Katy Birkin/Ben Gordon Poole / Nick Hennis
Jeynes
+44(0)20 3757 4997 / +44(0)20
+44(0)207 131 4000 3781 8330
Hannam & Partners
Joint Broker
Neil Passmore / Andrew Chubb/Ernie
Bell
+44 (0)20 7907 8500
About Crusader
Crusader Resources Limited (ASX:CAS, AIM:CAS) is a minerals
exploration and development company listed on the Australian
Securities Exchange and the AIM Market of the London Stock
Exchange. Its major focus is Brazil; a country Crusader believes is
vastly underexplored and which offers high potential for the
discovery of world class mineral deposits.
Crusader has two key gold assets;
Borborema Gold Project
The Borborema Gold Project is in the Serido area of the
Borborema province in north-eastern Brazil. It is 100% owned by
Crusader and consists of three mining leases covering a total area
of 29 km2 including freehold title over the main prospect area.
The Borborema Gold Project benefits from a favourable taxation
regime, existing on-site facilities and excellent infrastructure
such as buildings, grid power, water, sealed roads and is close to
major cities and regional centres. The project's Ore Reserve
includes Proven and Probable Ore Reserves of 1.61Moz of mineable
gold from 42.4Mt @ 1.18g/t (0.4 & 0.5g/t cut-offs for oxide
& fresh). The measured, indicated and inferred Mineral Resource
Estimate of 2.43Moz @ 1.10g/t gold, remains open in all
directions.
Juruena Gold Project
The Juruena Gold Project is located in the highly prospective
Juruena-Alta Floresta Gold Belt, which stretches east-west for
>400km and has historically produced more than 7Moz of gold from
40 known gold deposits. Historically there is a database of more
than 30,000 meters of drilling and extensive geological data.
Competent Person Statement
Borborema mineral resource estimate
The information in this announcement that relates to the mineral
resource estimate for the Borborema Project was first reported in
accordance with ASX Listing Rule 5.8 on 24 July 2017. Crusader
confirms that it is not aware of any new information or data that
materially affects the information included in the announcement of
24 July 2017 and that all material assumptions and technical
parameters underpinning the Mineral Resource estimate continue to
apply and have not materially changed.
Borborema ore reserve estimate
The information in this announcement that relates to the Ore
Reserve estimate for the Borborema Gold Project was first reported
in accordance with ASX Listing Rule 5.9 on 6 March 2018, 29 March
2018 and 11 April 2018. Crusader confirms that it is not aware of
any new information or data that materially affects the information
included in these previous announcements and that all material
assumptions and technical parameters underpinning the Ore Reserve
estimate continue to apply and have not materially changed.
Exploration results
The information in this announcement that relates to exploration
results for the Borborema Gold Project was first reported in
accordance with ASX Listing Rule 5.7 on 28 January 2015. Crusader
confirms that it is not aware of any new information or data that
materially affects the information included in the announcement of
28 January 2015.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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